Chewy price target lowered to $53 from $55 at Evercore ISI

Evercore ISI lowered the firm’s price target on Chewy to $53 from $55 and keeps an Outperform rating on the shares. Chewy posted a mostly beat and mixed EPS results, the analyst tells investors. Its Q4 revenue, EBITDA, and Gross Margin were above the street consensus, however its active customers saw the steepest decline on record and its outlook was mixed, the firm says. While Chewy had solid margin expansions, reported international expansion, and its gross adds remained resilient, its net adds trend remain "very weak" and its margin guide also disappointed, the firm argued. Evercore ISI came away from this quarter "largely neutral."